Mack-Cali Leases 142,347 Square Feet in Suburban Philadelphia and Southern New Jersey Portfolio in Third Quarter

11/11/2002 Category: Leasing and Development

Cranford, New Jersey—November 11, 2002—Mack-Cali Realty Corporation (NYSE: CLI) today announced it has completed 142,347 square feet of leasing transactions at its suburban Philadelphia and southern New Jersey properties during the third quarter of 2002.

Highlights of these transactions include:

  • Cendant Mortgage Corporation, a wholly-owned subsidiary of Cendant Corporation, renewed its lease for 74,472 square feet at 228 Strawbridge Drive in Moorestown, New Jersey. Cendant occupies the entire building, which is located in Moorestown Corporate Center. Donna Bleiler, in-house leasing director, represented Mack-Cali in the transaction.
  • Selas Fluid Processing Corporation, a subsidiary of Germany-based Linde AG, renewed its lease for 20,624 square feet at 5 Sentry Parkway East in Plymouth Meeting, Pennsylvania. The 91,600 square-foot office building is 100% leased. Jake Fruncillo, in-house leasing director, represented Mack-Cali.
  • The National Life Group, a financial services firm, signed a new lease for 10,113 square feet at Rose Tree Corporate Center II in Media, Pennsylvania. Located at 1400 North Providence Road, the 160,000 square-foot office building is 88% leased. Joseph S. Conwell and Scott M. Miller of Insignia/ESG represented the tenant and Jake Fruncillo represented Mack-Cali.

    Mack-Cali Realty Corporation is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio. Mack-Cali owns or has interests in 261 properties, primarily office and office/flex buildings and one hotel property located in the Northeast totaling approximately 28.8 million square feet. The properties enable the Company to provide a full complement of real estate opportunities to its diverse base of approximately 2,000 tenants.

    Additional information on Mack-Cali Realty Corporation is available on the Company's website at www.mack-cali.com.

    Certain information discussed in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the federal securities laws, including Section 21E of the Securities Exchange Act of 1934. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements relate to, without limitation, the Company's future economic performance, plans and objectives for future operations and projections of revenue and other financial items. Forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "anticipate," "estimate," "continue" or comparable terminology. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Among the risks, trends and uncertainties are changes in the general economic conditions, including those affecting industries in which the Company's principal tenants compete; any failure of the general economy to recover timely from the current economic downturn; the extent of any tenant bankruptcies; the Company's ability to lease or re-lease space at current or anticipated rents; changes in the supply of and demand for office, office/flex and industrial/warehouse properties; changes in interest rate levels; changes in operating costs; the Company's ability to obtain adequate insurance, including coverage for terrorist acts; the availability of financing; and other risks associated with the development and acquisition of properties, including risks that the development may not be completed on schedule, that the tenants will not take occupancy or pay rent, or that development or operating costs may be greater than anticipated. For further information on factors which could impact the Company and the statements contained herein, reference should be made to the Company's filings with the Securities and Exchange Commission including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Annual Reports on Form 10-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.